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Mortgage insurance glossary

Glossary

livingrainwatertanks.com Mortgage
An agreement which allows you to borrow money from a bank or similar organisation, especially in order to buy a house or apartment, or the amount of money itself.
Interest
Money which is charged by a bank or other financial organisation for borrowing money.
Amortisation
Repayments of principal on a loan. Does not include interest payments
Refinancing
The repayment of a loan with funds from a new loan secured by the same property as the first loan. The new loan may be from the same or a different lending institution
Principal
The amount of money that is borrowed or the amount that remains unpaid on a loan.